US Bancorp DE Trims Stake in Prologis, Inc. $PLD

Key Points

• US Bancorp DE has reduced its stake in Prologis, Inc. by 2.3%, ending the quarter with 635,147 shares valued at approximately $66.77 million.
• Several institutional investors have increased their holdings in Prologis, with notable increases including Alley Investment Management lifting its stake by 102.8%.
• Prologis recently announced a quarterly dividend of $1.01 per share, representing an annualized payout of $4.04 and a yield of 3.5%.

US Bancorp DE reduced its position in Prologis, Inc. (NYSE:PLD - Free Report) by 2.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 635,147 shares of the real estate investment trust's stock after selling 14,990 shares during the period. US Bancorp DE owned 0.07% of Prologis worth $66,767,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Alley Investment Management Company LLC lifted its holdings in shares of Prologis by 102.8% in the 1st quarter. Alley Investment Management Company LLC now owns 108,335 shares of the real estate investment trust's stock valued at $12,111,000 after purchasing an additional 54,914 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Prologis in the 1st quarter valued at about $2,120,000. Truist Financial Corp lifted its holdings in shares of Prologis by 9.3% in the 1st quarter. Truist Financial Corp now owns 297,270 shares of the real estate investment trust's stock valued at $33,232,000 after purchasing an additional 25,229 shares during the last quarter. Ally Financial Inc. lifted its holdings in shares of Prologis by 16.7% in the 1st quarter. Ally Financial Inc. now owns 28,000 shares of the real estate investment trust's stock valued at $3,130,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Prologis by 2.2% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 297,426 shares of the real estate investment trust's stock valued at $33,249,000 after purchasing an additional 6,350 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on PLD. Evercore ISI upped their price objective on Prologis from $111.00 to $113.00 and gave the company an "in-line" rating in a research note on Monday, September 15th. Scotiabank set a $114.00 price objective on Prologis and gave the company a "sector perform" rating in a research note on Wednesday, August 27th. Bank of America raised Prologis from a "neutral" rating to a "buy" rating and upped their price objective for the company from $118.00 to $130.00 in a research note on Tuesday, September 16th. Citigroup reduced their price objective on Prologis from $150.00 to $140.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Finally, Wells Fargo & Company set a $137.00 price objective on Prologis and gave the company an "overweight" rating in a research note on Sunday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $122.58.

Prologis Stock Performance

NYSE PLD opened at $114.40 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.61. The business's 50 day moving average is $111.66 and its two-hundred day moving average is $107.77. Prologis, Inc. has a 12-month low of $85.35 and a 12-month high of $127.65. The stock has a market capitalization of $106.24 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 2.93 and a beta of 1.28.

Prologis (NYSE:PLD - Get Free Report) last released its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.05. Prologis had a return on equity of 5.96% and a net margin of 40.29%.The company had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.03 billion. During the same quarter in the previous year, the firm posted $1.34 EPS. The firm's quarterly revenue was up 8.8% on a year-over-year basis. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. Research analysts expect that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were given a dividend of $1.01 per share. The ex-dividend date was Tuesday, September 16th. This represents a $4.04 annualized dividend and a yield of 3.5%. Prologis's payout ratio is presently 109.49%.

Insider Activity at Prologis

In related news, CAO Lori A. Palazzolo sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $111.33, for a total value of $2,783,250.00. Following the sale, the chief accounting officer owned 414 shares in the company, valued at $46,090.62. This represents a 98.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Cristina Gabriela Bita sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $111.00, for a total value of $111,000.00. Following the completion of the sale, the director owned 9,829 shares in the company, valued at approximately $1,091,019. This represents a 9.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,500 shares of company stock worth $2,952,095 in the last quarter. 0.57% of the stock is currently owned by insiders.

Prologis Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.

Want to see what other hedge funds are holding PLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prologis, Inc. (NYSE:PLD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.